Rental income is any payment received for the use or occupation of real property. Real property includes houses, apartments, condominiums, mobile homes, boats, vacation homes, or similar properties. This course discusses the reporting of rental income and expenses on Form 1040 Schedule E, and the rules that apply in various rental property scenarios.

• identify transactions that are considered rental real estate income to the property owner
• identify transactions that are considered deductible rental real estate expenses, differentiating between repairs and improvements
• given a list of receipts and expenses related to a rental property, determine the owner's basis in the property;
• identify the criteria that determine whether a taxpayer's rental activity income and losses are classified as passive or nonpassive
• identify the methods used to calculate rental income and expenses for properties that are used for part personal, part business use during a tax year

Tax Year: 2023

CPAs, Enrolled Agents, tax professionals, accountants, and other financial professionals